Foreign investors highlighted innovative and high-quality human resources as a strength of Korean biotech companies. They also recognized advantages in Korea’s active government investment and robust infrastructure for clinical trials and development. However, they also pointed out that Korea’s conservative corporate culture and limited funding needed improvement.
During the 'Bioplus-Interphex Korea 2024 (BIX 2024)' conference at COEX in Samsung District, Seoul on July 12, in a special session themed 'The charm of Korean biohealth according to foreign investors', Hwee Juin Lee, Vice President of Asia Pacific Region at Flagship Pioneering, emphasized, “Seoul is a cosmopolitan city as the premier global hub for clinical trials, hosting a diverse array of cutting-edge research centers.”
“Currently, Korea represents the most active and concentrated market for biotech startup activity in Asia, second only to China,” she added. “This represents significant partnership opportunities above all else.”
“Koreans possess remarkable capabilities in globalization through phenomena like K-pop, K-beauty, and K-drama, which can synergize with world-leading industries such as semiconductors,” remarked Maziar Zarrehparvar, Fund Advisor at Kurma Partners.
Related to this, Zarrehparvar cited a recent visit to a biotech company in Daejeon as an example, stating, “We confirmed their development of a microfluidic channel capable of precision comparable to semiconductors and precise fluid control. It’s fascinating to integrate Korea’s leadership in technology with the expanding expertise in life sciences.”
“Korea’s greatest asset is its people,” emphasized Daniel Chai, founder and managing partner of Turret Capital Management. “I was impressed by several areas where Korea excels, such as its scientific capabilities and the diligence of its people.”
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